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EUR/USD: consolidation between "Thorn" and "Double Bottom"

EUR/USD: consolidation between "Thorn" and "Double Bottom"

The price has been moving between the 89 Moving Average and the nearest resistance at 1.1270. So, the market is likely going to get a support at 1.1196 in the short term. However, if we see a pullback from this level, there’ll be an opportunity to have another upward movement in the direction of the next support at 1.1301.

EUR/USD: consolidation between "Thorn" and "Double Bottom"

Bulls faced a resistance at 1.1284, which led to form a “Thorn” pattern, so we’ve got a consolidation near the Moving Averages. Therefore, it’s likely that bears are going to achieve a support at 1.1213 – 1.1198 during the day. At the same time, if a pullback from this area happens, bulls will probably try to get a resistance at 1.1282 – 1.1296.

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